Location: Cape Girardeau, MO | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 63782 in fiscal year 2024 is set at $820. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 housing choice voucher program. It does not directly determine the rent you charge your tenants but rather sets an upper limit on the amount that HUD will reimburse landlords for renting their units to eligible low-income families.
To participate in Section 8 in ZIP 63782, your rental property must be priced at or below the $820 FMR. However, it's important to note that the actual rent you can charge is typically less than the FMR. The tenant is responsible for paying approximately 30% to 40% of their income toward rent, while HUD covers the remainder up to the FMR.
In ZIP 63782, the local median rent is currently listed as N/A, which suggests there isn't enough data available to make a direct comparison between the FMR and typical market rents. This lack of information could indicate a lower volume of rental activity in the area, but it doesn't necessarily mean there is low demand for Section 8 rentals.
The 0.0% renter share indicates that there are no renters currently participating in the Section 8 program in ZIP 63782. This means that if you decide to join the program, you won't face competition from other landlords in this specific ZIP code. However, it also implies that there might be limited experience among local agencies with administering Section 8 vouchers, which could affect the speed and efficiency of the process.
The acquisition cost for properties in ZIP 63782 is also listed as N/A, making it difficult to assess the financial viability of purchasing a property solely based on this information. You should consider consulting local real estate agents or examining recent property sales to get a better understanding of the costs involved.
Before committing to a Section 8 rental in ZIP 63782, verify that the local Public Housing Agency (PHA) has a robust system in place to manage the program effectively. Check for reviews or testimonials from other landlords who have worked with the PHA to ensure they handle maintenance requests, rent payments, and tenant issues efficiently. This will help you avoid potential frustrations and ensure a smoother rental experience.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.